As a Medicare agent, you have a vast amount of knowledge at your disposal. However, one thing that knowledge can’t do is change the rules of Medicare and magically provide you with more business from those who are under 65. So how can you continue to grow your business outside the boundaries of your Medicare sales?
Well, let us answer your question with another question: Have you ever considered selling ACA plans?
1. Commissions
In the past, Affordable Care Act (ACA) commissions were a complicated topic. Many carriers were actively lowering the amounts agents could make from selling ACA plans. However, this is no longer the case. ACA plan commissions can provide a substantial income because agents typically get money for each member for each month. This can create a healthy income stream if you’re insuring households with multiple members on top of your usual Medicare sales.
In addition, the ACA Open Enrollment Period (OEP) overlaps with Medicare’s Annual Enrollment Period (AEP). If that sounds like too much multitasking to you, don’t worry! OEP continues over a month after AEP has ended, allowing you to move from one to the other seamlessly. This can be helpful for some agents who can extend their busy season by one more month and, as a result, increase their sales.
2. Larger Client Pool
As a Medicare agent, you’ve probably worked with a client who had family members under 65. This can sometimes feel like a missed opportunity because you’ve worked closely with your client and have grown a positive relationship that would lead to a shared trust among the entire family. However, being a licensed ACA agent allows you to sell to family members who aren’t yet 65. This can have a massive impact on your book of business if, for every one client you’re serving, another is being added.
In 2021, the eligibility qualifications were lowered, allowing more people to get ACA plans. These premiums will be available through 2025, giving you plenty of time to get your foot in the door. The ARPA also created a special enrollment period that allows some low-income individuals to add marketplace plans outside of the open enrollment period.
3. Free Certification
You may be worried about having to pay another certification fee on top of your Medicare certifications. Don’t worry! Federally Facilitated Marketplace (FFM) Certification is free! The Centers for Medicare and Medicaid Services (CMS) are the ones who facilitate this free certification that puts you on the path to selling ACA plans. Click here for more information on obtaining your FFM certification!
4. From ACA to Medicare
Massive numbers of people will be aging into Medicare over the next decade. Selling ACA can give you a significant head start on growing relationships with potential clients. You may sell an ACA plan to a client who, three years later, turns 65 and purchases a Medicare plan from you. This is one of the biggest reasons to add ACA into your arsenal as an agent.
Plan Advisors is here to provide all the support you need for your Medicare and ACA endeavors. We can show you the perfect plans that fit your existing portfolio. With the ability to sell two types of plans, you’ll see your book of business grow as your busy season extends.
So don’t wait! Reach out to us today and we’ll help you get on the right track towards selling ACA plans!
